Dissertations / Theses on the topic 'Corporate governance indicators'

A presente dissertação tem o objetivo de discutir as vantagens da Governança Corporativa, em relação aos custos e benefícios da adoção de boas práticas; com a observação das empresas brasileiras, presentes no processo de listagem estabelecido pela BOVESPA (criação do Nível 1, Nível 2 e Novo Mercado) em 2000, tendo como foco principal o Novo Mercado, pois representa o nível máximo de exigência. Deste modo, analisa as características e os efeitos ocorridos nas empresas dos níveis diferenciados, como os custos, os benefícios mercadológicos e de desempenho. Buscando comprovar que a empresa que possui maior nível de práticas, tem a maior valorização pelo mercado e a melhor apresentação dos indicadores financeiros de desempenho, representando vantagens em relação aos custos absorvidos pelas empresas. Para isso, foram tratadas as principais questões, através de um levantamento bibliográfico, e posteriormente, a contextualização e análise do tema, para a discussão de custos e benefícios. Os resultados indicam que as empresas com maiores níveis de Governança Corporativa apresentaram benefícios em relação aos custos, favorecendo a consolidação do Novo Mercado no país.
The objective of this dissertation is to discuss the advantages of Corporate Governance in relation to the costs and benefits of adopting good practices. The focus is on Brazilian companies starting with those classified under the listing process established by BOVESPA (Nível 1, Nível 2 and Novo Mercado) in 2000, with center of attention on the Novo Mercado segment, as it represents the maximum level of requirements. Thus, an analysis will be conducted on the characteristics and effects occurring among companies at different listing levels, including the costs, market benefits and financial performance. In this way, the study is to prove that a company with a higher level of best practices, will gain higher market valuation and better financial performance, providing an advantage over the costs absorbed by the companies to implement these best practices. For this purpose, the main issues of the subject were identified through an analysis of the bibliography and afterwards, the contextualization and analysis of Brazil for the discussion on the cost-benefits. The results indicate that companies with higher levels of corporate governance receive higher benefits in relation to the costs, favoring the consolidation of the Novo Mercado in Brazil.

Com as oscilações de ordem política e econômica é necessário mais atenção na gestão das corporativas. A falta ou o aprimoramento do uso das ferramentas de gestão nas cooperativas gaúchas foi a origem deste estudo, que se caracteriza por ser uma pesquisa survey exploratória e descritiva, com abordagem quantitativa. A coleta dos dados ocorreu através da aplicação de questionários junto aos dirigentes de 192 cooperativas gaúchas de primeiro grau do Sistema OCERGS/SESCOOP/RS de 2017, ou seja, 49,23% do total do universo das cooperativas do estado do Rio Grande do Sul. O objetivo geral é identificar as práticas de gestão e governança corporativas utilizadas pelas cooperativas, algumas são: há separação entre os cargos do "Presidente do Conselho de Administração" e "Diretor Presidente" em 54,01% das cooperativas gaúchas; 46,45% delas não possuem comitês; as cooperativas estão alinhadas aos princípios da governança: transparência, equidade, prestação de contas e responsabilidade corporativa. Os objetivos específicos são mapear o perfil das cooperativas por ramos do cooperativismo, levantar os indicadores de desempenho mais utilizados e verificar a frequência com que os indicadores de desempenho são medidos pelas cooperativas do estado. Quanto ao mapeamento do perfil das cooperativas gaúchas por ramos do cooperativismo, pode-se observar que em “número de associados”, “número de colaboradores”, “número de cooperativas”, “faturamento anual” e “tempo de trabalho na cooperativa” os ramos que se destacam em todos os quesitos são agropecuário e crédito. Os outros dois objetivos específicos dizem respeito aos indicadores de desempenho e foram medidos com escala nominal variando entre “até 1 mês” (1) e “nunca” (6). Os indicadores financeiros utilizados por 100% das cooperativas é o “índice geral de inadimplência”. O “resultado líquido/ faturamento bruto mensal” é o indicador medido com frequência maior, seguido por “índice geral de margem bruta/ receita líquida” e o “índice de despesa operacional/ receita líquida”. Os indicadores dos clientes medidos pelas cooperativas com maior frequência são “vendas efetivas/ número de contratos” e “número de associados”. O indicador dos clientes utilizado por 96,8% das cooperativas gaúchas é “número de associados”. Os indicadores dos processos internos que apresentam maior frequência de utilização são “custos administrativos/ retorno” e “percentual de entregas realizadas no prazo”. O indicador dos processos internos utilizado pelo maior número de cooperativas gaúchas é “sobras para associados”. O indicador de aprendizado e crescimento utilizado pelo maior número de cooperativas (178 e corresponde a 96,7%) é “rotatividade”. Os indicadores de aprendizado e crescimento medidos com frequência maior - até 1 mês - pelas cooperativas do Rio Grande do Sul são “produção” (111 cooperativas e corresponde a 60%) e “receita/ número de colaboradores” (109 cooperativas e corresponde a 59,2%). Em suma, apesar de algumas práticas já existirem nas cooperativas gaúchas, constatou-se que ainda falta implantar, em muitas delas, o sistema de gestão e governança corporativa conforme o Código das Melhores Práticas de Governança. Tanto a teoria, quanto a prática, comprovaram que as ações de gestão e governança se entrelaçam, entretanto existem carências nas cooperativas, tais como a necessidade de mais profissionalismo; políticas de treinamento; implantação de comitês; uso de mecanismos de controle de gestão e padronização dos códigos, dentre eles, o código das melhores práticas por ramos do cooperativismo. A adoção de mais práticas de gestão e governança, levaria as cooperativas do RS, a maior crescimento, desenvolvimento e melhores resultados. Os dirigentes mostraram-se receptivos à pesquisa e relataram a necessidade de novas, frequentes e continuadas pesquisas, o que demonstra a importância e a carência do cooperativismo.
With the oscillations of political and economic order, more attention is needed in corporate management. The lack or improvement of the use of management tools in gaucho cooperatives was the origin of this study, which is characterized by being an exploratory and descriptive survey research, with a quantitative approach. Data were collected through the application of questionnaires to the directors of 192 first-degree cooperatives from the OCERGS/SESCOOP/RS System of 2017, or 49,23% of the cooperatives in the state of Rio Grande do Sul. The main objective is to identify the management and corporate governance practices used by the cooperatives, some of them are: the "Chairman of the Board of Directors" and the "Chief Executive Officer" positions are divided into 54,01% of the cooperatives in Rio Grande do Sul; 46,45% of them do not have committees; cooperatives are aligned with the principles of governance: transparency, fairness, accountability and corporate responsibility. The specific objectives are to map the profile of cooperatives by branches of cooperativism, to raise the most used performance indicators and to verify the frequency with which performance indicators are measured by state cooperatives. As to the mapping of the profile of the cooperatives in the branches of cooperativism, it can be observed that in "number of associates", "number of employees", "number of cooperatives", "annual turnover" and "working time in cooperative". Branches that stand out in all the questions are agricultural and credit. The other two specific objectives relate to performance indicators and were measured with a nominal scale ranging from "up to 1 month" (1) to "never" (6). The financial indicators used by 100% of the cooperatives are the "general default index". "Net income/ gross monthly income" is the indicator measured with a higher frequency, followed by "gross margin/ net revenue" and "operating expense/ net revenue". The indicators of clients measured by cooperatives more frequently are "effective sales/ number of contracts" and "number of associates". The customer indicator used by 96,8% of the gaucho cooperatives is "number of associates". The indicators of the most frequently used internal processes are "administrative costs/ return" and "percentage of deliveries made on time". The indicator of internal processes used by the largest number of gaucho cooperatives is "leftovers for associates". The indicator of learning and growth used by the largest number of cooperatives (178 and corresponds to 96,7%) is "turnover". The indicators of learning and growth measured more frequently (up to 1 month) by cooperatives in Rio Grande do Sul are "production" (111 cooperatives and corresponds to 60%) and "revenue/ number of employees" (109 cooperatives and corresponds to 59,2%). In short, although some practices already exist in the cooperatives in the state of Rio Grande do Sul, it has been found that the management and corporate governance system in accordance with the Code of Best Governance Practices still needs to be implemented. Both theory and practice have shown that management and governance actions intertwine, but there are shortcomings in cooperatives, such as the need for more professionalism; training policies; implementation of committees; use of management control mechanisms and standardization of codes, among them, the code of best practices by branches of cooperativism. The adoption of more management and governance practices would lead RS cooperatives to greater growth, development and better results. The leaders were receptive to the research and reported the need for new, frequent and continuous research, which demonstrates the importance and the lack of cooperativism.

This study is concerned with public companies (listed on the stock exchange) which are threatened by an unwanted takeover-attempt. Particularly, the investigation is centered around opportunities for such companies to defend themselves against hostile takeovers. Therefore, this study covers defense strategies, the so-called anti-takeover provisions (ATPs) or shark repellents. More specifically, pre-emptive ATPs were analyzed in order to determine whether they are effective measures for a takeover-target to avoid being acquired. This question is widely discussed by existing literature that is concerned with the overall topic of mergers & acquisitions, whereby findings of prior researchers often are contradicting or inconclusive. Moreover, there is a lack of literature examining the case of takeover-attempts which are characterized by a hostile deal-attitude specifically. As the adoption of pre-emptive ATPs does have its pitfalls, we aimed to find implications for the management of publicly traded companies concerning the question if they should deploy pre-emptive ATPs or not.   We analyzed hostile takeover-events which took place within the timeframe of 2003-2018, whereby target-companies where located all over the world. As done by other researchers before, the level of resistance against takeovers has been measured by forming an index (in this study denoted by G-Index*), which accounts for the number of pre-emptive ATPs adopted by the takeover-target. That index was used subsequently to test, if companies with a low/high level of resistance against takeovers were more/less likely to be acquired. As not only the resistance against takeovers is an influencing factor on the outcome of a takeover-event, we also measured the impact of performance- and contextual factors. Those comprise key performance indicators (KPIs) for efficiency and profitability, as well as the context factors region and industry. That measurement has been carried out using the binary logistic regression, whereby all mentioned aspects were included in one model to form a representative model of takeover-events. This model was used to examine the individual impacts of all variables on the one hand, and for predicting the takeover-likelihood for each company on the other hand. Subsequently, the predicted takeover-likelihood was tested via the Pearson correlation with the number of pre-emptive ATPs adopted by the public companies.   By using the binary regression, we found that a higher level of managerial resistance against takeovers is decreasing the probability for a company to be acquired. High resistance against takeovers, measured by a high number of pre-emptive anti-takeover provisions adopted, does have a statistically significant negative effect on the takeover-likelihood. Moreover, another key finding is that a company which is more efficient than the average of its industry, is more likely to be acquired. High efficiency (measured by gross profit margin) does have a statistically significant positive effect on the takeover-likelihood. By using the Pearson correlation, we found a statistically significant relation between the number of pre-emptive ATPs adopted and the predicted takeover-likelihood. The predicted takeover-likelihood correlates negatively with the number of pre-emptive ATPs.   These results show that pre-emptive ATPs can be an effective measure against hostile takeovers.

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With the growing importance of companies in society, the agency relationship is no longer restricted to the shareholders and managers, the community as a whole, employees, customers, government, potential investors, become part of this relationship, demanding the company also meets their interest. In response to this situation, comes the concept of corporate governance, which is a set of practices that intends through principles such as transparency and respect to the diverse stakeholders in the company situation, to minimize the conflict of interest derived from an agency relationship. There are several agencies aimed at the development of corporate governance as the Brazilian Institute of Corporate Governance and the Organization Economic Cooperation and Development, who make recommendations about what they consider good corporate governance practices and even the São Paulo Stock Exchange BMFBovespa created since the year 2000 different levels of trading in accordance with the degree of governance practices adopted by these companies. The highest degree considered by BMFBovespa is New Market, which serves as the basis for study. About the companies that comprise the New Market was rated a set of not mandatory practices and if these practices are connected to the companies performances. To validate this hypothesis were correlated performance indicators such as EBITDA Margin, ROA, ROI and ROE with the level of corporate governance practices. Could not be established in this study the link between best corporate governance practices and better corporate performance, however, the improvement of governance practices is an irreversible process for the relevance of the concept and its acceptance by the market
Com o aumento da importância das empresas na sociedade, a relação de agência não está mais restrita aos acionistas e gestores, a comunidade como um todo, ou seja, os funcionários, clientes, governo, investidores potenciais, passa a fazer parte desta relação, exigindo que a empresa também atenda seus interesses. Em resposta a esta situação, surge o conceito e governança corporativa, que é um conjunto de práticas que pretende por meio de princípios como transparência e respeito aos diversos interessados na situação da empresa, minimizar o conflito de interesses derivado de uma relação de agência. Existem diversos órgãos voltados ao desenvolvimento da governança corporativa como o Instituto Brasileiro de Governança Corporativa e a Organização para a Cooperação e Desenvolvimento Econômico, que efetuam suas recomendações sobre o que consideram boas práticas de governança corporativa e a própria Bolsa de Valores de São Paulo BMFBovespa, criou a partir do ano 2000 níveis diferenciados de negociação de acordo com o grau de práticas de governança adotadas por estas empresas. O maior grau considerado pela BMFBovespa é o Novo Mercado, que servirá de base para este estudo. Sobre as empresas que compõem o Novo Mercado foi avaliado um conjunto de práticas de governança não-obrigatórias e se estas práticas estão ligadas ao desempenho das empresas. Para validar esta hipótese foram correlacionados indicadores de desempenho como Margem EBITDA, ROA, ROI e ROE com o nível de práticas diferenciadas de governança corporativa. Não foi possível estabelecer neste estudo a ligação entre melhores práticas de governança e melhor desempenho das empresas, entretanto, a melhoria das práticas de governança é um processo irreversível pela relevância do conceito e sua aceitação pelo mercado

O presente trabalho aborda a adoção e divulgação de relatórios de sustentabilidade no setor das empresas produtoras de etanol do estado de São Paulo (2013-2015) com o objetivo de analisar a publicação de relatórios de sustentabilidade e a suficiência das informações nele divulgadas. Pretende-se propor um conjunto de Princípios, Critérios e Indicadores (PCI) de desempenho em sustentabilidade, específicos ao contexto da produção de etanol de cana-deaçúcar. O método de pesquisa se baseou em: estudo da adoção de governança corporativa; seleção dos relatórios de sustentabilidade publicados no triênio 2013-2015; definição dos elementos do conjunto (PCI) de avaliação do desempenho em sustentabilidade; avaliação da suficiência de informações publicadas nos relatórios de sustentabilidade; validação de conteúdo dos elementos do Conjunto PCI; e proposição final do Conjunto PCI. Os resultados indicaram que as empresas que declararam adotar governança corporativa representam 20,5% das empresas cadastradas na ANP no estado de São Paulo. As que publicaram relatórios de sustentabilidade representam 11,49% do setor, sendo elas parte das anteriores. Em relação à suficiência de informações, a empresa com maior pontuação obteve 38,26% de suficiência de seu conteúdo, ou seja, bem abaixo dos 50%. As empresas com capital aberto obtiveram posições intermediárias, face às pressões externas por divulgação de informações. A omissão de publicações de informações relevantes foi observada em todas, sendo que 9 das 10 empresas estudadas omitiram informações sobre multas e sanções de aspecto socioambiental. Em relação aos indicadores, os novos propostos obtiveram a melhor pontuação média, superior aos indicadores oriundos do modelo GRI, que já são demandados para a publicação nos relatórios das empresas. A publicação de informações dos indicadores novos propostos superior aos outros indicadores ressaltou a relevância das informações, tanto para as empresas quanto para a academia, pois sua publicação não foi exigida pelo modelo de relatório adotado. De forma geral, pode-se dizer que o setor, como um todo, encontra-se no início de uma jornada em busca do aumento de sua sustentabilidade, sendo que a falta de transparência generalizada denota que há muitos desafios a serem superados, principalmente na divulgação de informações.
This thesis approaches the adoption and disclosure of sustainability reports on ethanol industry of São Paulo State on 2013-15, aiming to analyzing the sufficiency of information disclosed on company\'s reports. A set of Principles, Criteria and Indicators (PCI), specific to the production of sugarcane ethanol is proposed to evaluate the performance on sustainability. The steps of research were based on: study of corporate governance adoption on ethanol São Paulo State industry; gathering of sustainability reports published during 2013 to 2015; definition of PCI elements to the evaluation of performance on sustainability; sufficiency assessment of information disclosed on reports; validation of PCI elements; and final proposition of PCI. The analysis has indicated that only 20.5% of companies authorized by National Petroleum, Natural Gas and Biofuel Agency (NPA) on São Paulo State has declared the adoption of corporate governance, whereas 11.49% of companies authorized by NPA has published sustainability reports. The best score among all companies which were studied represented 38.26% on sufficiency assessment, which is below the 50% attendance. Public companies reached intermediate scores, despite external pressures and demands to disclose information, what could lead these companies to higher scores. Some relevant information was omitted in general ways, 9 to 10 companies did not disclose information about socioenvironmental fines. According to the assessment, the new indicators proposed has reached higher scores among the indicator types who compose PCI set, superior than indicators from GRI model, which are already required by on sustainability reports. PCI indicators has reached 62.5% of validation, which represented the definition of 64 indicators to form the basic elements of proposed set. The fact of new indicators proposed have reached higher results appointed to the relevance of these specific information to sugarcane ethanol context. In additional, these results highlighted the need to embody the new indicators proposed to tackled information nonrequired by other sustainability report models. In general ways, the ethanol industry has a long path to increase its sustainability, mostly on disclosure of sustainability.

A presente investigação científica discorre acerca da análise comparativa dos segmentos Tradicional, Nível 1, Nível 2 e Novo Mercado da bolsa de valores brasileira. As bases do estudo estão calcadas nas relações entre retornos, risco e prêmios de risco em cada segmento. Para o alcance desse objetivo, foram organizadas carteiras teóricas, cada uma composta por ações de empresas listadas nos segmentos citados do mercado à vista. O intervalo de tempo delimitador dos dados amostrais compreende o período de janeiro de 2005 a dezembro de 2010 e possui características cíclicas - típicas desse ambiente de negócios - de crescimento, de queda brusca provocada pelos efeitos da crise de 2008 e de recuperação lenta na valorização dos preços das ações. Isso enriquece as conclusões ao se examinar comparativamente as referidas carteiras teóricas à luz de ciclos distintos do risco sistemático. As conclusões corroboram parcialmente os fundamentos da governança corporativa ao evidenciar que, de todos os portfolios compostos por empresas que adotam as boas práticas de governança, somente o Novo Mercado de fato gera redução das incertezas, acarretando a diminuição do risco e elevados retornos, absolutos e excessivos, relativamente ao portfolio composto por empresas listadas no Tradicional e à média do mercado, a qual é dada pelo Ibovespa. Os níveis 1 e 2, apesar das empresas que os compõem adotarem regras de governança corporativa, não obtêm resultados de acordo com as expectativas geradas justamente por desenvolverem processos de maior transparência e respeito aos acionistas. As evidências apontam que as razões do fato supramencionado residem no estágio inicial de desenvolvimento no qual se encontram o mercado de ações brasileiro e a economia nacional pós-Plano Real, além de haver número reduzido de empresas listadas principalmente nos níveis 1 e 2. Análises futuras poderão estar mais bem alicerçadas a partir da expansão do mercado, a qual ainda é tímida, embora sejam inquestionáveis seus resultados econômico-financeiros na melhoria do bem-estar social.
This scientific investigation centers on a comparative analysis of the Traditional, Level 1, Level 2 and Novo Mercado listing segments of the Brazilian stock exchange. The study is based on the relationships among the return, risk and risk premium of each segment. For this, theoretical portfolios were created, with each composed of the stocks of companies listed on these segments in the spot market. The time interval of the sample data consists of the period from January 2005 to December 2010 and features the cyclical characteristics (which are typical in this business environment) of growth, the sharp declines caused by the 2008 crisis and the slow recovery in stock prices, with the comparison of these portfolios in the context of the different cycles of systemic risk enriching the conclusions. The conclusions partially corroborate the fundamentals of corporate governance by demonstrating that of all the portfolios formed by companies that adopt good governance practices, only the Novo Mercado in fact generates a reduction in uncertainties, with lower risks and higher absolute and excessive returns in relation to the portfolio formed by companies listed in the Traditional segment and to the industry average, as indicated by the Ibovespa. Although their component companies adopt more stringent corporate governance rules, the Level 1 and 2 segments have not obtained results that are consistent with the expectations they have generated by their adoption of processes marked by greater transparency and respect for shareholders. The evidence suggests that the reasons for this are the initial stage of development of Brazil’s stock market and the country’s economy following the implementation of the Real Plan, as well as the low number of listed companies in the Level 1 and 2 segments. Future analyses could enjoy more solid support due to the market’s growth, which remains timid. However, the financial results unquestionably contribute to improving the well-being of society.

O Objetivo Geral desta dissertação é desenvolver um modelo para criação de um índice aplicável à mensuração da governança global. Os dados empregados são secundários e foram coletados por meio de pesquisa bibliográfica a partir de uma análise bibliométrica. As técnicas de análise são predominantemente qualitativas, com foco no método de análise de conteúdo nas técnicas de análise categorial e temática. O referencial teórico contempla conceitos e questões inerentes à governança global. Para a construção de uma proposta de critérios, foi construído um conceito síntese fragmentado em unidades de registro e contexto que identificou os pilares da governança global: Econômico, Social, Ambiental e Solução Pacífica de Conflitos. Com base nesses pilares são identificados os indicadores reconhecidos internacionalmente que se relacionam com as categorias de análises construídas. Entre os resultados apresentados, é possível destacar a possibilidade de criação de um índice aplicável e mensuração da governança global e sua aplicabilidade prática, com a apresentação de um ranking dos escores auferidos pelos países membros do G20, ilustrando o grau de governança global obtido a partir da ponderação das variáveis e indicadores preestabelecidos.
The general objective of this research is to develop a model for creating an index applicable to the measurement of global governance. The data are collected by literature through a bibliometric analysis. The analytical techniques are predominantly qualitative, focusing on content analysis method in categorical and thematic analysis techniques. The theoretical framework includes concepts and issues involved in global governance. For the construction of a proposed criteria, was built a fragmented synthesis concept in record units and context that identified the pillars of global governance: economic, social, environmental and conflict peaceful settlement, based on these pillars are internationally recognized indicators identified which relate to the categories of analysis constructed. Among the results presented, it is possible to highlight the possibility of creating an index applicable and measurement of global governance and its practical applicability, with the presentation of a ranking scores earned by G20 member countries, illustrating the degree of global governance obtained from the weighting of variables and pre-established indicators.

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With the opening of the Brazilian market of hospitals for foreign direct investment, authorized from January 2015, some challenges of the private hospitals and the healthcare market is to understand what the investors seek in hospitals to make financial contributions. Some issues as macroeconomic outlook of the market; growth potential of the health sector; knowledge of the risks; existence of attractive hospitals available and Corporate Governance (CG), are essential for the analysis of investors. The need to professionalize the management of hospitals and train more qualified professionals is because, of mergers and acquisitions in health operations, be preceded by a thorough study of economic and financial viability and the assessment of the hospital that will receive the contribution. In this way, openness to foreign capital, brings new concepts to the health sector, particularly as the need for adjustments in current management models, mainly as good CG practices. In this sense, the objective of this study is to analyze the CG practices grip level in hospitals of the National Association of the Private Hospitals (ANAHP), and its indicators of economic and financial performance, which make them attractive to foreign investment. In addition, it elaborated the following research question: What is the relationship between the principles of corporate governance and financial indicators of the hospitals associated with ANAHP within the multidimensional perspective. The methodology is a study of exploratory nature, using a nearly-experimental research strategy, classified as ex post facto. Given a quantitative assessment the research has a multivariate approach, using descriptive analysis, multidimensional scaling (MDS) and application of cluster model. It was found that the group with the highest percentage of member hospitals CG (75%) showed better indicators. This result showed a positive relationship between the economic and financial performance indicators and CG practices and illustrated that the greater transparency of information, the better the economic and financial analysis of hospitals who wish to seek foreign investment.
Com a abertura do mercado brasileiro de hospitais ao investimento estrangeiro direto, autorizada a partir de janeiro de 2015, um dos desafios dos hospitais privados e do mercado de saúde é entender o que os investidores buscarão nas instituições hospitalares para realizar os aportes financeiros. Algumas questões como, perspectivas macroeconômicas do mercado; potencial de crescimento do setor de saúde; conhecimento dos riscos; existência de hospitais atrativos disponíveis e Governança Corporativa (GC), são essenciais para a análise dos investidores. A necessidade de profissionalizar a gestão dos hospitais e formar profissionais mais qualificados, se deve ao fato das operações de fusões e aquisições na saúde, serem precedidas de profundo estudo de viabilidade econômico-financeira e avaliação do hospital que receberá o aporte. Desta maneira, a abertura ao capital estrangeiro traz novos conceitos ao setor da saúde, sobretudo quanto a necessidade de adequações nos atuais modelos de gestão, principalmente quanto as boas práticas de GC. Neste sentido, o objetivo deste trabalho é analisar o nível de aderência as práticas de GC nos hospitais da Associação Nacional dos Hospitais Privados (ANAHP) e seus indicadores de desempenho econômico-financeiros, que os tornam atraentes ao investimento estrangeiro. Ademais, elaborou-se a seguinte questão de pesquisa: Qual é a relação entre os princípios de Governança Corporativa e os indicadores econômico-financeiros dos hospitais associados a ANAHP, dentro da ótica multidimensional. Trata-se de um estudo de natureza exploratório, por meio de uma estratégia de pesquisa quase-experimental, classificada como ex post facto. Perante uma avaliação quantitativa a pesquisa adotou uma abordagem multivariada, por meio da análise descritiva, da técnica de escalonamento multidimensional (EMD) e da aplicação do modelo de agrupamentos. Verificou-se que, o agrupamento com maior percentual de hospitais aderentes as práticas de GC (75%), apresentou os melhores indicadores. Este resultado evidenciou uma relação positiva entre os indicadores de desempenho econômico-financeiros e as práticas de GC e ilustrou que, quanto maior a transparência das informações, melhor a análise econômico-financeira das instituições hospitalares que desejam buscar o investimento estrangeiro.

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O objetivo principal deste estudo foi identificar associações entre os pacotes de remuneração dos agentes das empresas brasileiras listadas no Novo Mercado com os seus indicadores de desempenho financeiro. Em segundo lugar, buscou-se verificar o cumprimento de normativo que prevê a divulgação das informações relativas à remuneração desses agentes, bem como mapear a composição de tais remunerações. A governança corporativa e a teoria da agência são usadas para desenvolver o arcabouço teórico que sustenta o estudo. A pesquisa baseia-se nos dados de 100% das empresas listadas no segmento de Novo Mercado no período de 2008 a 2012. Os dados são estudados por meio de métodos estatísticos, em particular análises descritivas e de correlação. Contrariamente às expectativas, o estudo conclui que há poucas correlações estatisticamente significativas entre as remunerações dos agentes das empresas brasileiras do Novo Mercado e seus indicadores de desempenho financeiro. Ademais, observa-se uma melhora na transparência de informações pelo cumprimento da exigência de informar a composição das remunerações dos agentes. Este estudo contribui para a literatura de gestão, sobretudo a literatura que discute a remuneração como ferramenta para mitigar os problemas de agência no Brasil.
The main objective of this study was to identify correlations between the remuneration packages of agents in Brazilian public entities listed in the “Novo Mercado” with their financial performance indicators. Secondly, it aimed to evaluate the compliance with technical standard of the disclosure of information related to the remuneration of such agents as well to map the components of this remuneration. Corporate governance and Theory of Agency were used to develop the theoretical background that supports this study. The research is based on the data from 100% of entities listed in the New Market from 2008 to 2012. Data is analyzed through a variety of statistical methodologies, in particular, descriptive analyses and correlation. Against the expectations, the study concluded that there are few correlations statistically meaningful between the remuneration of the agents of the Brazilian entities in the Novo Mercado and their financial performance indicators. In addition, an improvement in the clarity of information due to the requirements of disclosing the components of agent's remuneration is noted. This study contributes to the literature in Management, in particular, to the literature that discuss remuneration as a tool to mitigate the problems of Theory of Agency in Brazil.

The aim of the doctoral thesis is to design and verify a model measuring complex corporate performance integrating environmental, social, economic and Corporate Governance performance in a selected sector of CZ – NACE. The model was constructed in six steps. A basic set of key performance indicators was designed by a synthesis of findings from preliminary research and analysis of approaches of international institutions that deal with the issue of corporate sustainability. Through a questionnaire survey a relevance of a proposed basic set of key performance indicators was verified. Key performance indicators were verified on a group of companies which have more than 250 employees and belong to a CZ – NACE 27.1 Manufacture of electric motors, generators, transformers and electricity distribution and control apparatus. Subsequently, a reduction of a number of key performance indicators was done by statistical methods so that the explanatory power of the model has been retained as much as possible. In order to model reflect a reality, weights that express an influence of key performance indicators on corporate performance and sustainability were assigned to key performance indicators. Through a literature research a benchmarks for a reduced set of key performance indicators were determined in order to quantify a performance gap. Key performance indicators were aggregated into a single aggregate indicator measuring complex corporate performance by an additive method.

The purpose of sustainability reports is to represent the progress of a company’s sustainability effort and status to stakeholders. There is a need for stakeholders to benchmark sustainability performance of companies. The objective of this research was to find evidence that the GRI Application Level used in the ranking GRI compliant sustainability reports, is an indicator of financial performance for companies trading on the JSE in South Africa.The results will show that there is no evidence to show that the GRI Applications Level is an indicator of financial performance. The consequence of this evidence is that the lack of adequate benchmark standards can de-motivate companies to strive for higher sustainability performance.
Dissertation (MBA)--University of Pretoria, 2012.
Gordon Institute of Business Science (GIBS)
unrestricted

Cette thèse, en s’attaquant à un problème central de la théorie financière contemporaine — la bonne gouvernance des sociétés — débouche sur la construction d’un indice actionnarial de bonne gouvernance à destination d’un public académique ou professionnel. En mettant en évidence les principaux problèmes observés en matière de gouvernance dans le monde (chapitre 1), une modélisation des interactions des agents conduit à la formulation d’un indice ad hoc (chapitre 2), qui peut être intégré à une stratégie internationale d’investissement en bonne gouvernance (chapitre 3). Une telle stratégie procure à l’investisseur un avantage pécuniaire, aussi bien en horizon long, qu’en périodes de turbulences (chapitre 4)
This dissertation, focusing on a prominent problem of modern finance theory — effectiveness of corporate governance — leads to the building of a corporate governance- based stock index, which can be very useful to the academic and business community. Thanks to a state of the art of governance problems around the world (chapter 1), a simple pattern of agents interactions is build and helps to design an ad hoc index (chapter 2). An international investment strategy based on this speci?c index provides consistent returns for the investor (chapter 3), as well in long run horizon as in turbulent time (chapter 4)

碩士
國立臺灣科技大學
企業管理系
105
This study is based on the "Corporate Governance Center" set up by the Taiwan Stock Exchange (the "Stock Exchange") to examine the evaluation index of the Company's information disclosure and corporate governance evaluation for all listed companies. To explore the analysis of corporate governance evaluation indicators can be fair to show all the scale of corporate governance results.

碩士
國立臺北大學
會計學系
103
Previous studies indicated that the main spirit of corporate governance in the creation of shareholder value, and its value tends to maximize. The Financial Supervisory Commission announced evaluation of corporate governance rules, and announced the company self-assessment results in April 2015. We purpose is to explore the attitude and effort of corporate governance, moreover the characteristics of company that affect the merits corporate governance, so we analysis on the investing of corporate governance will vary from difference characteristics of company. We use t-test verification by the competent authorities of the first session of the corporate governance evaluation system, all listed companies to promote corporate governance. In addition, the re-use regression model test different company characteristics, announced in the evaluation system is put into effect its governance-related work of the pair. The results show that after the announcement of corporate governance evaluation indicators, companies will pay more attention to corporate governance. Moreover, the higher the ratio of independent directors and the board size larger company, its willingness to increase investment in corporate governance related work of.

Integrity means to act with truth, being honourable, loyal, faithful and trustworthy ad to exhibit “moral excellence and honesty”. The purpose of this research was to provide models of best practice in corporate integrity for public listed companies in Malaysia. This study arose from perceptions that what was reported in corporate governance statements was not always consistent with what was actually happening in the companies. The research is the first of its kind to design an integrity assessment instrument and to assess Corporate Integrity Systems in Malaysian Companies. Specifically, it identified the scope of Corporate Integrity Systems implemented in publicly listed companies, identified appropriate indicators, and verified the reliability of the instrument.

碩士
中原大學
企業管理研究所
100
When a company has sufficient funds for working capital, they usually share to shareholders by paying cash and stock dividends. In the essence, to participate in ex-dividend and ex-right will not increase wealth, but investors are usually regarded as dividends paid by companies signaling expected operation in the future. Taiwan's stock markets have been attentively focused on ex-dividend. This paper collects 640 samples from 2002 to 2011 totaling ten-year period for analyzing in Taiwan 50 and Mid-Cap 100 stock indexes. The results showed that Taiwan 50 and Mid-Cap 100 have the quotation of ex-dividend. We used a market model of event study for examing standardized abnormal returns (SAR) and standardized cumulative abnormal returns (SCAR) to analyze abnormal returns at ex-dividend quotation. Furthermore, by using the variables of Corporate Governance and Financial Indicators, this paper used the Panel Data of fixed and random effects models to examine an impact of factors that may influence abnormal return. The empirical results are as follows: 1. Taiwan's stock markets usually have ex-dividend quotation. There are significant cumulative abnormal returns prior to 16 days. 2. There were happened a big selling for neglecting cash dividend prior to 3 days. 3. It is estimated that the positive abnormal return happened prior to 2 days or after 3 days. 4. There were negatively significant in the three factors due to neglecting cash dividend for selling stock. Including Ownership Concentration, Insiderset Pledge Ratio, and Cash Dividend Yield. 5. The six factors (such as The Board of Director and Supervisor Ownership, Board Members Plodge Ratio, Operating Profit Margin, Net Profit Margin, Inventory Turnover Ratio, and Total Asset Turnover Ratio) have the significant and positive relationship for abnormal return.

碩士
大葉大學
會計資訊學系碩士班
97
Independent director institution has enforced in country for long time. Most of people think the company of set independent director institution that can improve the operating performance. But there are seldom researcher to investigate 「the independent director institution how to effect the operating performance？」The independent director institution is positive relation to operating performance because it can bring corporate governance mechanisms to full play effectively, and the corporate governance conduce to promote the operating performance. For this reason, our investigation presume there are efficacy gap between independent director institution and the corporate governance. We use the listed companies of set independent director institution in country from 2005 through 2007, adopt three parts about the board of directors characteristics、ownership structure and independent director institution to investigate the efficacy gap analysis between evaluation indicators independent director and the corporate governance. Our result indicate that the independent director institution has not influence significantly with the performance of corporate governance that is different from Chaganti and Damampour(1991).Therefore, we think the firms of set independent director institution in Taiwan just in order to conform the rule of Securities Exchange Act, that rusly in the problem of corporate governance emerge in an endless stream.

碩士
實踐大學
企業管理學系碩士班
99
Up to 75% of large enterprises in Taiwan do not have a succession plan, according to “Taiwan 100 corporations’ successor survey” by Business Week, 969. And Fan, Jian and Yeh’s (2007) study of Taiwan, Hong Kong and Singapore found that the cumulative abnormal returns of stock are -56% during the five-year period before replacement of a company’s chairman. This research discovers that there are different results of a succession process of a family enterprise between industries. Based on the percentage of board seats held by outside directors and the institutional investors, the results show that after succession of a family enterprise of traditional industry, its management achievements and performances surpass those of the tech industry. With a higher ownership of the managers can enhance company's achievements, for the family enterprises of both traditional industry and tech industry.

碩士
國立臺灣科技大學
財務金融研究所
96
After the scandals of China Rebar and Eastern Multimedia conglomerate in 2007, investors cost immensely. It is important to enhance investor alertness and to encourage aggressive action. Hence, this study uses expert opinion questionnaire method and Analytical Hierarchy Process (AHP) method to research. There are two objectives for this study. One objective is to calculate the financial distress factors by corporate governance and financial information. The other objective is to construct the financial distress matrix by corporate governance and financial information and to grade the financial distress. This study takes the expert of 98 participants with capital market as a research object and uses the expert opinion questionnaire and AHP method in order to calculate the factors of corporation governance, financial information and 7 indicators. The samples are 231 conglomerates which listed in Taiwan Stock Exchange Corporation. This study uses corporation governance, financial information, and 7 indicators to grade and construct a two dimensions of scatter plot. Subsequently, the samples are selected by 3 sets which be depended on grade and degree in order to construct the financial distress matrix and the cutoff point. Samples were calculated the financial distress grade in order to discriminate the risky companies. Final, this study verify the matrix grade and selects 24 companies that include the China-Rebar Co., Ltd, the Chia-Hsin Food and Synthetic Fiber Co., Ltd., the Eastern Media International Corporation and other companies which be listed alerting stock or altered trading method in 2007 by the Taiwan Stock Exchange Corporation. According to this study result, there are 18 companies were selected the risky group last year before financial distress. The probability of correct classification over the first one year prior to the financial distress is 75%.

Dissertação de Mestrado, Finanças Empresariais, Faculdade de Economia, Universidade do Algarve, 2015
Os problemas de governance são cada vez mais frequentes. São numerosos os escândalos que envolvem gestores de empresas influentes, a falta de transparência na publicação de relatórios empresariais ou os indícios de promiscuidade entre entidades públicas e privadas. Estes acontecimentos intensificaram o interesse de estudar o tema numa perspetiva empresarial municipal. O corporate governance é uma temática que abrange a forma como as empresas são geridas, o nível de confiança nos relatórios publicados e engloba também a relação da empresa com os seus stakeholders. O conceito é estudado desde há muitos anos, por diferentes investigadores, com o objetivo geral de conseguir determinar o papel do corporate governance. Os stakeholders representam todos os intervenientes que afetam e são afetados pela empresa, estando incluídos neste termo entidades com interesses diferentes como, por exemplo, os fornecedores, colaboradores, clientes e população em geral. Alguns teóricos defendem que o corporate governance é a solução para que os investidores garantam o retorno do capital investido. Outros definem o conceito como sendo um sistema que regula a administração das empresas. Opiniões diferentes sobre o conceito espelham a diversidade do que se entende por corporate governance. Numa perspetiva empírica, existem diversos estudos que pretendem medir o impacto do corporate governance, alguns focados na performance. A avaliação das políticas de governance praticadas utiliza, normalmente, as seguintes dimensões: (1) o conselho de administração, (2) a estrutura de capital, (3) a relação com os stakeholders da empresa, (4) transparência e a accountability e por último (4) plano legal e de regulamentação. O âmbito das diferentes dimensões incluí: i. No que diz respeito ao Conselho de Administração: a. Revisão e controlo da estratégia da empresa; b. Promoção da transparência e da ética dentro da empresa; c. Inclusão ou não de membros independentes; d. Estabelecimento de objetivos; e. Controlo da eficiência do corporate governance. ii. No que diz respeito à estrutura de capital: a. Igualdade entre os acionistas; b. Nível de dispersão do capital; c. Promoção do bom funcionamento da estrutura; d. Atenuar os “conflitos de agência”. iii. No que diz respeito às relações com os stakeholders: a. Respeitar os direitos dos stakeholders; b. Reconhecer a interdependência dos interesses dos stakeholders na empresa; c. Incluir a participação dos colaboradores na estratégia; d. Comunicar atividades ilegais ou imorais. iv. Em relação à transparência e accountability: a. Publicar relatório de contas com informação fiável; b. Promover a fiabilidade da auditoria externa para confirmar a informação publicada; c. Publicar possíveis riscos que possam afetar a empresa; d. Revelar as práticas de corporate governance implementadas na empresa; e. Revelar as políticas de remuneração aplicadas aos órgãos sociais. v. No que diz respeito ao plano legal e de regulamentação: a. Assegurar a regulamentação da atividade das empresas europeias; b. Definir os elementos que devem constar nos estatutos da empresa. A definição das vertentes de cada uma das dimensões permite a correta avaliação das empresas, relativamente às práticas de corporate governance implementadas. O objeto do presente estudo é, no entanto, estudar a governance em empresas municipais. O conceito de corporate governance aplicado à realidade municipal não tem sido objeto de muitos estudos. Embora, a OECD (2011) afirme que o setor público pode beneficiar dos instrumentos aplicados no setor privado, os dois sistemas assumem-se como diferentes. De acordo com a Lei n.º 50/2012 de 31 de agosto, as empresas municipais ou empresas locais, têm como objeto a exploração de atividades de interesse geral ou a promoção do desenvolvimento regional e têm como objetivo garantir uma melhor qualidade de vida aos residentes e alcançar a autossustentabilidade. A diversidade de interesses, entre os vários agentes, geram diferenças entre o corporate governance no setor público e no setor privado. Torna-se, por isso, necessário adaptar as responsabilidades e os indicadores das dimensões anteriormente descritos, à realidade das empresas municipais. Não são conhecidas metodologias de abordagem deste tema em empresas municipais. A relevância deste tema é, no entanto, relevante. As empresas municipais cumprem objetivos muito importantes e, no contexto empresarial do Algarve, são das empresas mais significativas, não só pelas atividades que desenvolvem mas também se as analisarmos pelos critérios ligados à sua dimensão em número de trabalhadores e em ativos. O objeto deste trabalho, ao procurar uma relação entre o corporate governance e performance, pretende responder às seguintes questões: a) Como pode ser medido o corporate governance em empresas municipais? e b) Como podem as diferenças no corporate governance afetar a performance das empresas municipais? Para responder a estas questões, adotaram-se as seguintes opções: (i) O estudo deveria centrar-se em empresas que atuassem nos mesmos setores de atividade, prestassem serviços similares, tivessem dimensões semelhantes mas com diferentes configurações a nível da estrutura capital; (ii) O estudo deveria avaliar as diferenças existentes ao nível das políticas de corporate governance praticadas nas empresas municipais escolhidas; (iii) Deveria ser feita uma análise à performance dessas empresas e analisar os seus resultados tendo em conta a natureza do modelo de governance seguido. No que diz respeito ao primeiro item, optou-se por estudar duas empresas municipais que se dedicam ao abastecimento de água e saneamento de águas residuais domésticas em locais distintos do Algarve, com dimensões idênticas mas uma é totalmente detida pelo Município e outra que, sendo detida maioritariamente pelo Município no qual tem sede, tem uma forte componente de capital privado. No que diz respeito ao segundo item, foi utilizado uma adaptação do modelo desenvolvido por Kaufmann et al. (2010). Finalmente, em relação ao terceiro item, procedeu-se a uma análise comparativa de indicadores chave de performance segundo as metodologias seguidas por Marr (2012) e por Neves (2012). A aplicação desta metodologia permitir compreender melhor a problemática em estudo e através da comparação dos seus resultados, extraíra conclusões sobre as questões supramencionadas. De acordo com a análise efetuada, concluímos que a empresa com capital privado apresenta melhores indicadores de governance do que a que é detida exclusivamente por capitais públicos. A análise comparativa dos indicadores chave de performance evidencia que a empresa com melhores resultados é, novamente, a empresa com capital privado. As conclusões alcançadas não devem ser generalizadas. Os resultados obtidos, refletem que melhores políticas de corporate governance têm um impacto positivo na performance da empresa, o que está de acordo com os estudos e recomendações da OECD.

The aim of this thesis is to examine the relationship of all corporate governance indicators with firm performance (proxied by price to book value) and tax fees. Using a sample of 133 large U.S firms, in a single model, we explore the correlation of price to book value with board of director's structure (composition and size). Our results show that smaller and younger boards with less independent directors lead to a higher firm performance. We further find that presence of women on board is important rather than their number. The outcome of the study shows also that financial expertise of audit committee members has a significant and positive influence on the amount of tax fees. Overall, the results suggest that board characteristics are important and they influence firm performance. Keywords: board of directors, firm performance, price to book value, governance indicators, tax fees.

This thesis explores corporate governance effectiveness in not-for-profit organisations by identifying and developing the types of performance indicators used in the not-forprofit sector. Only by agreement, between all affected parties, on the criteria is one able to assess corporate governance effectiveness. This thesis contributes not only analytically but also by the provision of several empirical datasets: they are contributions from interviews with expert practitioners, action research data available from an individual board that developed its own performance indicators and a review of published annual reports. Two main research questions were posed. The first was: What are the performance indicators of effective Australian not-for-profit corporate governance? And the second question was: What is the process for determining the performance indicators of effective Australian not-for-profit corporate governance?

碩士
國立政治大學
商管專業學院碩士學位學程(AMBA)
98
Based on an ultimate controller(s) perspective and using a case study approach to two private business groups—DeLong and Fuson—in China, this research analyzes the ownership structure, board structure, and measurement of governance indicators of theses groups. In specific, this research first discuss the attributes of ownership structure of the individual business group, followed by the computation of voting rights, cash-flow rights, the degree of control through board seats (board-seat control), and the related deviation between theses control power owned by the ultimate controller. In addition, in-depth comparisons of governance features between these two groups are also performed. The analysis indicates that the concentration of ownership is relatively high for both DeLong and Fuson groups. There exits one single largest shareholder with more than 30% of shareholdings, and the formation of pyramidal ownership structure is also common for both groups. However, cross-holding is not obvious for either group. In DeLong, the ultimate owners exercise their voting control through their unlisted companies. In contrast, the ultimate owners of Fuson exercise their voting rights through unlisted companies that invested by the listed companies. The deviation between cash-flow rights and voting rights of these two business groups are similarm while the deviation between cash-flow rights and board-seat control and the deviation between voting rights and board-seat control is significantly higher for DeLong groups. Furthermore, the corporate boards of DeLong and Fuson groups are composed of both independent board directors and workers' representatives on the supervisory board. Although it is mandatory to have a minimum numbers of workers' representatives on the supervisory board, it is not uncommon to find the lack of full compliance to this requirement.

碩士
靜宜大學
財務金融研究所
98
As the strength of liberalism, it keeps the national economy open, but the corporate governance mechanisms have no evolution relatively, resulting in a major crisis in the financial markets. This phenomenon can be support from the failure case of corporate governance in Europe , the United States and Taiwan. In the past, the research relate to corporate governance mainly in the interests of shareholders as the starting point, and then discuss how to solve the agency problem, But in recent years, the impact of poor corporate governance expand from shareholders to stakeholders. So, whether the corporate governance index of the main shareholders still has its validity is the focus of this study. The goal of this paper is to find whether the factors, which indeed influence the shareholders’ interests, will impact the stakeholders’ benefits. We employ the multiple regression method and select 316 samples, which come from the 100 biggest companies listed in the Taiwan securities exchange between the time intervals 2004-2008, to examine the relation. As a result, we find that the indications of typical indicators to evaluate the corporate governance performance are different from the distinct respects. Therefore, we must take care of utilizing the indictors to inspect the corporate governance performance, especially when focus on the stakeholder’s interests.

Corporate governance within the East African Community (EAC) is considered to have significant influence on the economic growth and development of the region. The overarching aim of this study was to examine the influence of corporate governance on the financial performance of listed companies within the EAC, following the operationalisation of hte EAC common market in 2010.

碩士
國立臺北大學
企業管理學系
99
This study focuses on the impacts of the financial indicators, the business cycle, and corporate governance on stocks returns for the listed financial holding companies in Taiwan. 14 financial holding companies with quarterly data ranging from 2002 to 2009 were collected. Collinearity test was used to detect the interrelationships among independent variables, such as size effect, PBR, PE ratio and other financial indicators, corporate governance variables and indicators of business cycle variables. Stepwise regression analysis was adopted to search for the optimal independent variables and the smallest Mallows Cp was used for selection of the best model. The results found that: (1) PBR is significantly positively related to stock returns. (2) Collateralized shares is significantly negatively related to stock returns. (3) The Business Monitoring Indicator and GDP are significantly negatively related to stock returns. (4) Size effect is significantly positively related to stock returns.

No
Conflicting rankings corresponding to alternative performance criteria and measures are mostly reported in the mono-criterion evaluation of competing distress prediction models (DPMs). To overcome this issue, this study extends the application of the expert system to corporate credit risk and distress prediction through proposing a Multi-criteria Decision Aid (MCDA), namely PROMETHEE II, which provides a multi-criteria evaluation of competing DPMs. In addition, using data on Chinese firms listed on Shanghai and Shenzhen stock exchanges, we perform an exhaustive comparative analysis of the most popular DPMs; namely, statistical, artificial intelligence and machine learning models under both mono-criterion and multi-criteria frameworks. Further, we address two prevailing research questions; namely, "which DPM performs better in predicting distress?" and "will training models with corporate governance indicators (CGIs) enhance the performance of models?”; and discuss our findings. Our multi-criteria ranking suggests that non-parametric DPMs outperform parametric ones, where random forest and bagging CART are among the best machine learning DPMs. Further, models fed with CGIs as features outperform those fed without CGIs.

碩士
國立臺北科技大學
經營管理系碩士班
105
The event study is used in this study. The data includes the Top 50 listed companies in the Taiwan stock exchange for the period between Jan 2010 and Dec. 2012. The purpose of this study is to investigate the trading behavior of investors of different kind in Taiwan Stock Exchange when the foreign institutions announced the rating report and based on their performance of corporate governance in different monitor indicator. The results of this study could ( i ) shed some lights on both institutional and individual investor’ trading behavior when the foreign institution publishing the rating report in both red and blue market indicators; ( ii ) have a clear view that the effects of asymmetric information on the trading behavior of different types of investors in various market conditions; ( iii ) let investors know how to trade in both red and blue market indicators; ( iv ) help investors make better decisions while receiving information in both red and blue market indicators

碩士
中國文化大學
會計研究所
97
In these few years, the rapid change of global economic environment has increased the occurrence possibility of financial distress. However, the relevant researches traditionally emphasize the financial variables for building the model mainly. In this research, we explore the critical factors of business financial distress in view of corporate governance. Therefore, this research tries to explore the key factors of financial distress in view of corporate governance and financial indicators. This paper constructs a business financial distress based on Rough set theory. First, we select the influence variables by using attribute reduction. Secondly, we perform classification by using Rough set theory. The empirical results show that the use of rough set theory for consideration by the target measure of business financial distress, that the business reasons for the crisis happened, except by the traditional financial ratio, but also by corporate governance variables. In addition, the application of rough set theory set up by the business model of the crisis can be effectively diagnosed the crisis of identification, providing insight into enterprises or investors in advance of the sign business and investment crisis of reference to judge.

碩士
國立交通大學
管理科學系所
101
The global financial crisis of 2008 could be regarded as the result of the failure of corporate governance. Since 2007, all the listed corporations in Taiwan have been forced to set independent director in the board. But, setting independent directors are effective or not still a debated issue. The research references literature and develops the hypotheses relating unexpected change of independent director and firm performance, firm risk and foreigners’ ownership in ownership structure. The research uses the sample from Taiwan from 2007 to 2010, to verify whether the unexpected change of independent directors is the dominant indicator of corporate governance. Empirical results show that there is negative association between unexpected change of independent directors and firm performance, does the foreigners’ ownership in ownership structure

碩士
國立高雄應用科技大學
會計系
102
The purpose of the study is to examine whether the bankruptcy possibility of a firms, using Z-sore as a proxy, is positively associated with audit fees. Besides, The study use the overall corporate governance index as a moderate variable to investigate whether corporate governance mechanism plays a moderate role on the relationship between Z-core and audit fees. Empirical results show that the Z-score, a financial early warning indicator, has a negative influence on the amount of audit fees, which means that the better a firm’s Z-score is, the lower audit fee it pays to auditor. Moreover, after incorporating the overall corporate governance index as a moderate variable, the result indicates that corporate governance indeed has a moderate effect on the relationship between Z-core and audit fees, the relationship between firm size and audit fees and the relationship between auditor size and audit fees.

碩士
國立高雄應用科技大學
金融系金融資訊碩士班
103
In Taiwan, domestic stock exchanges (Taiwan Stock Exchange, TWSE) launches Corporate Governance Evaluation Indicator (CGEI) in 2013 as a measure of business operations and investing unit of new candidates for selection. The main purpose is to examine whether financial distress prediction models with CGEI can improve the predictive power in electronics industry during the period 2004 to 2013. The logit models by considering different variables, including accounting ratio, macroeconomic environment, market information and CGEI. The logit models A to E are employed to predict financial distress and bankruptcy. Besides, we examine whether the possible connection between predicator variables and default probability is in accordance with the expectation. The empirical result shows that predictive ability of default probability is rising when including CGEI. Besides, the relationship between predictor variables and default probability is consistent with the expectation of this paper. Furthermore, model C (including the accounting plus macroeconomic variables) is apt to predict normal firms and model E (including all variables) used to forecast financial distress firms. Most of all, it is also expected to provide a reference on bank credit and offer an investment reference to foreign institutions and investors.

碩士
中原大學
會計研究所
97
Since Enron scandal in 2001, most countries have been actively reviewing and improving their regulatory frameworks, in particular, corporate governance and information disclosure. The success of raising money from the capital market depends on good corporate governance. Sound corporate governance will make enterprises sustainable and keep competitive advantage in the long-run. This research used“2007 Information Transparency and Disclosure Ranking Results in Taiwan”conducted by Securities and Futures Institute to investigate corporate information disclosure and transparency from Taiwan listed companies. We adopt discriminate analysis method and input corporate governance variable and performance indicator variable in this study. Among those variables, ratio of independent director number, ratio of institutional investors, and chairman of the board also pluralizing as CEO were included in corporate governance. On the otherr hand, Return on Assets(ROA) was used as variable for corporate performance indicator. 　　The results of this study were found as follows：Ratio of independent director number found significant positive effect on information transparency. Ratio of institutional investors had significant positive effect on information transparency as well. ROA also found significant positive effect on information transparency；However, Chairman of the board also pluralizing as CEO didn’t find significantly effect on information transparency.

Thesis (M.Com. (Accountancy))--University of the Witwatersrand, Faculty of Commerce, Law and Management, School of Accounting, 2016.
The mode of reporting performance by firms has shifted radically in recent years from a set of audited annual financial statements, to the inclusion of integrated and sustainability reports. This move has been particularly important for South African listed firms, which are required to prepare integrated reports (and therefore sustainability reports) due to the revision of the Johannesburg Stock Exchange (JSE) listing requirements. Although there are no specific accounting standards at present particularly for sustainability reports, certain reporting frameworks, such as the Global Reporting Initiative (GRI) guidelines, have influenced and become leaders in such reporting. The value relevance of the quality of sustainability reports is the focus of this study. This research report tests whether report quality as measured by the GRI reporting categories is value relevant for JSE listed companies, whether better reporting companies achieve better long term performance over the period 2007 to 2015. Value relevance is measured using a 4 tiered portfolio construction technique, which uses the GRI reporting categories to define comparative investment portfolios. The results indicate that GRI firms with the highest report qualities underperformed significantly when compared to the market, with the exception of the C report firms, which showed some level of outperformance in the later portfolio years. Interestingly, the portfolio of firms using frameworks other than the GRI outperformed all of the categories of GRI framework firms, as well as the market. The results for the GRI category firms therefore contradict some of the previous research on the value relevance of sustainability reporting which used different measurement proxies for quality, while the non GRI reporting firm results find similar conclusions. This research report therefore concludes that the GRI framework implementation is relatively low in a South African context, and that the GRI report categories do not provide a measure of report quality for the purpose of measuring value relevance, and rather measure the breadth of reporting. This is partly due to the early stage of development of sustainability reporting within South Africa, as well as the lack of a mandatory assured reporting framework such as the GRI, resulting in many firms preferring not to use the globally favoured GRI framework. It appears that most firms are tailoring the various frameworks available to their needs rather than using a consistent framework, which results in reports not being based on the same framework, and therefore not being comparable, even on a high level indicator basis. This highlights the need for revisions to be introduced in the King IV report which will hopefully assist in formalising the leading sustainability framework, and therefore standardising sustainability reporting, together with providing a linkage to the Code for Responsible Investing in South Africa, which requires investors to integrate their investment decisions with sustainability considerations.
MT2017